Aurum Proptech Ltd’s board, on Friday, approved an investment of $5 million in TheHouseMonk, a business-to-business (B2B) SaaS (software-as-a-service) firm, focused on the real estate industry, the company said in a statement on Monday.
TheHouseMonk plans to use the funds for expansion into Europe and the US, Aurum said. TheHouseMonk will also look to consolidate its position in Asia, which is its core market, Aurum said. TheHouseMonk will also be hiring for its technology team to enhance its artificial intelligence (AI) and machine learning (ML) capabilities and to strengthen the company’s overall product portfolio, Aurum said.
Founded in 2019, TheHouseMonk claims to have a portfolio of 100 clients across 15 countries. The company enabled property managers and landlords to monetise, maintain and manage their rental portfolio through its technology platform.
“Adoption of technology has increased significantly due to the pandemic as landlords, property managers and tenants are looking for digital solutions to manage their relationship and our platform is perfectly positioned to serve this growing need in the market,” said Ajay Kumar, Co-founder and Chief Executive Officer, TheHouseMonk.
Aurum Proptech, (formerly known as Majesco Ltd) meanwhile, has been aggressively expanding inorganically. The company in October had said that it will acquire 49% stake in Integrow Asset Management Pvt Ltd for Rs 25 crore, in a bid to enable the convergence of property technology and fintech. In July 2021, Aurum PropTech had approved the acquisition of 51% stake in Pune-based software technology firm K2V2 for Rs 40 crore.
“We found TheHouseMonk as a great fit for optimising efficiency in the residential rental business with the compelling proposition being property managers being able to operate the platform,” said Ashish Deora, founder and Chief Executive Officer, Aurum Ventures, the parent company of Aurum PropTech, which is building an integrated proptech platform.
Real estate firm Aurum Ventures in March had acquired 14.78% in IT consulting and software firm Majesco through its subsidiary Aurum Platz IT Pvt Ltd, triggering an open offer to buy 26% from the public.